Prior Weekly Real Estate Tips
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Could I be Asking Too Much - July 19, 2010

The one factor that speaks the loudest to your potential purchasers is price. The condition and location of your property will also attract buyers but the right pricing will be the most influential factor in determining the length of time it will take to sell your home.

If your house is listed and has had a number of showings but no offers, then it may be time to consider a price adjustment. If you feel your house isn't selling as fast as it should, it is time to sit down with your Realtor® and re-examine your pricing. Your Realtor® can provide you with the selling prices of comparable properties in your area.

There is no point in looking at what properties are LISTED at - the market is determined by what homes are actually SELLING for. Your Realtor® will also be able to tell you how long these properties were listed before they sold. This information needs to be current, as the present market may be very different from what it was 6 months or a year ago.

While you may be able to check listing prices in your area, only your Realtor® will have easy access to the actual sales prices through the Multiple Listing Service.

Tenant Problems - July 12, 2010

If you are an investment property owner you'll want to find a reliable and trustworthy tenant. You've worked hard for your investment so use caution before you rent it out.

We've all heard the horror stories about property damage and the nightmare having to evict a tenant can be. Avoid this by taking some steps to ensure that your tenant will be someone you'll feel good about residing on your property.

Make sure you have a list of references including former landlords and employment references. Have the prospective tenant sign a consent form to run a credit check. You don't want to end up with a "not sufficient funds" call from the bank.

Ask questions. Your property may require yard maintenance. It would be good to know whether your tenant is able to do yard work or whether he expects you as landlord to do this. Pets okay? Find out before you reach an agreement. You don't want to find out later that the "small dog" your new tenants told you about turns out to be Cujo!

Eviction can be a stressful event and it usually follows with worrisome times when you find out your tenant is not as careful with your property as you thought he would be.

Most people are responsible citizens who usually treat others' property as though it was their own. This is who you want living in your investment so take the time to check carefully. And don't forget: trust your "gut" instinct. Appearances can be deceiving!

Should We Fixer-Up Before Listing - July 5, 2010

The ideal listing is freshly painted, with beautiful wood floors or handsome carpet, and is outfitted with an up-to-date kitchen and bathroom. Does this describe your home? If not and you’ve decided it’s time to sell, your Realtor® can give you some suggestions. If it’s going to take more than a bout of spring cleaning to get your home ready for market, you may want to consult with both a Realtor® and a home improvement contractor.

Realtors® know what colors and styles buyers are currently favoring, and can sometimes offer cost-effective solutions to specific problems. The contractor can provide an estimate and framework for putting your plan into action. Having looked at repairing and refurbishing your home, you may decide that the price-in dollars or disruption-is simply too much.

In this case you may want to sell your home as a "fixer-upper", having consulted with your Realtor® to determine what you can expect to get for an "as is" sale of your home.

So, You are Building a Home - June 28, 2010

You have decided that you are going to build your own home, a home that will be just perfect for your needs and desires. Once you find a lot or acreage that you wish to build on, there are a few things to check out before you purchase.

 Check that local zoning laws will permit the type of structure(s) you plan to build. Some areas can have severely restrictive building regulations. You may be restricted in the size, design, number and location of any building(s) you put on your property. You also may be restricted in the type of building materials you can use. Make sure that any activity you plan, whether it is a home based business or just keeping a few chickens, is permissible within the zoning laws.

 If the land you buy is not serviced you will need to factor in the cost of bringing in utility services. The lack of a water supply can make the most beautiful home site useless. It is important that you ascertain that you will be able to access a reliable source of water. If you will not be connecting to a sewage system you must make sure that the local Health department will approve the installation of a septic system.

 Finally, it is important that you find out from your Realtor® how you can check with the local planning boards to find out if there are any plans or applications to develop the area. You could buy and build on your own quiet little corner of Eden and find yourself a few years later living on the edge of a huge and noisy mall! Probably not what you had in mind!

A Realtor’s® Obligation - June 21, 2010

The winds of change have blown through our legal system over the past years and Real Estate law has been no exception.

The legal obligation of Realtors® to buyers and sellers is more clearly spelled out by law than it ever has been and this trend will no doubt continue. Realtors® are held legally and financially liable if they fail to follow proper business practices.

The Realtor® who lists your home is working for you and will attempt to obtain the highest selling price possible for your home. Law obligates a listing agent, to disclose all known defects to potential purchasers. The Realtor® who works for the purchaser works to help locate a desirable property and then negotiate the best deal possible.

Both Realtors® must treat what their clients tell them as confidential. A seller's agent would know the lowest price the seller would take and the buyer’s agent would know his clients maximum potential offer but cannot disclose this information. Their job is to act as their client's negotiator.

If a Realtor® is acting for both the seller and the buyer, there must be written consent by both parties. The Realtor® can disclose only what they are specifically told to reveal by either party.

Have a Block Party - June 14, 2010

Want to get to know your neighbors? Establish a basis for community action? Make your neighborhood a better place to live? Time for a Block Party!

Start by getting together with a few people from your area. Make a list of what you’d like in terms of food, music, activities, and ambiance. Delegate coordinating responsibilities: one person looks after rounding up the food, another looks for CD’s, and so on. Set a date and hand out the invitations.

Aside from the simple fun factor, block parties increase security by letting you know who actually lives in the area. B-parties are also a great place to find potential baby-sitters, lawn mowing talent, and the odd person who wouldn’t mind feeding your cat when you’re away.

You may also become aware of elderly and disabled residents who are in need of community support. Once you start to have fun with the neighbors, you’re in a position to address community issues in a creative and positive manner.

Time to Buy? - June 7, 2010

Young couples can live comfortably in a rental apartment or small house initially, but inevitably the prospect of children or other considerations will create a demand for more space.

 At some point, you will feel that it's time to buy a house, but accumulating the cash for a down payment, moving expenses and up-front loan costs may make it seem out of the question.

 But don't despair--home finance is part of a Realtor® training and after discussing your financial picture with them, you may well discover that your prospects for a mortgage are better than you think. If your ability to qualify for a loan in other respects is adequate, creative solutions for a tight initial cash position are available.

 A short-term lease-purchase arrangement with the seller, for example, or perhaps a lender with a program that minimizes the down payment and allows some of the loan costs to be included in the payment schedule.

 Your agent is aware of these and other alternatives. If you're ready to buy your Realtor® can help make it happen!

A case of “H.O.” - May 31, 2010

 A distinctive, often disagreeable odor that is immediately apparent when you enter a home is referred to by Realtors® as "H.O." and can be traced to a specific source such as heavy smoking or distinctive odors left by a pet.

 Whatever the cause, the source of the odor must be removed, rather attempting to mask it with "air fresheners" which only point out that a problem exists. H.O. can and has prevented homes from selling for months beyond the time when a similar property without the problem would have been sold. Only a substantial reduction in selling price will combat the sales resistance generated by unpleasant or distinctive odors left untreated.

 Your Realtor® has undoubtedly dealt with the problem before and will be able help you find an answer to removing H.O. from your home should you or they, feel that it exists there.

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